Honeywell Automation jumps 9% on heavy volumes following a strong Q4 show

Consolidated revenue of Honeywell Automation rose 27 percent YoY to Rs 849.68 crore while net profit shot up 54 percent to Rs 112.03 crore.

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Shares of Honeywell Automation jumped 9 percent on May 18 morning, as investors cheered the company’s stellar Q4 earnings.

At 9.38 am, the industrial goods company’s stock was quoting at Rs 40,004.00, up 6.66 percent. The scrip was trading with volumes of 882 shares, so far, against its five-day average of 185 shares, implying an increase of 375.73 percent.

Honeywell Automation‘s consolidated revenue rose 27 percent YoY to Rs 849.68 crore, while EBITDA shot up 59 percent to Rs 138.8 crore. Operating margin came in at 16.34 percent in the March quarter from 13.07 percent in the year-ago period. Net profit jumped 54 percent on year to Rs 112.03 crore.

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According to Nuvama Institutional Equities, the company’s Q4 revenues faired 2 percent better than its estimates. A strong margin recovery of around 300 basis points to 16.3 percent on account of a surge in gross margins sequentially, was a surprise, it said.

“We believe cost inflation, chip shortage, supply issues, etc. have started to ease, allowing better execution-led profitability growth during the quarter,” the brokerage firm said.

Nomura said the dividend payout for FY23 came in at Rs 95 per share, implying a 19 percent payout. The Japanese brokerage firm retained its “buy” rating on shares of the company with an unchanged target price of Rs 50,642.

Nuvama Institutional Equities said challenges on growth and profitability seem to be sticky and require better clarity on emerging segments and parent mandates. It has retained its “reduce” call on the stock but hiked the target price to Rs 31,800 from Rs 31,500.

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